Solana Surges 10% to $176.41, Open Interest Hits $6.8 Billion
3min read Solana has recently gained significant attention due to its surging price, open interest, and decentralized finance total value locked (DeFi TVL). This renewed momentum has drawn the interest of both traders and long-term investors, who are closely monitoring the cryptocurrency's potential to reach the $185 target. The price of Solana has shown notable strength, recently surpassing the $175 level for the first time in weeks. This surge is part of a broader market rally, fueled by strong demand and a renewed bullish outlook from traders and investors.
One of the key indicators of Solana's strength is its open interest (OI) in futures contracts, which climbed to over $6.8 billion, the highest level since mid-March. This marked a strong resurgence in speculative activity, with traders positioning for further upside rather than just hedging. The rise in oi came alongside a sharp price uptick, suggesting that traders were placing directional bets. In fact, the last three days alone saw a vertical climb, pointing to fresh momentum and rising speculative appetite.
Another significant indicator is Solana's total value locked (TVL) in its DeFi ecosystem, which has also seen a sharp upswing. According to DeFiLlama, TVL soared past $118 billion, a nearly 5% jump in 24 hours, marking one of the strongest single-day gains in recent weeks. This surge follows a steady April accumulation phase and aligns with broader upward momentum across decentralized finance.
Despite the pullback, technical indicators suggest the uptrend remains intact. The Relative Strength Index (RSI) sat just above 70, indicating overbought conditions, which could trigger short-term profit-taking. However, the Moving Average Convergence Divergence (MACD) remained bullish, with the blue line well above the signal line, supporting the case for continued upside. If buyers re-enter around the $170 level, sol could attempt another push toward $185 or higher. Still, traders should watch for consolidation, as the current dip might be a healthy pause rather than a reversal.
Top analyst Big Cheds shared a technical analysis revealing that Solana is making a strong advance into a key spot—the underside of the daily 200 moving average (DMA). The asset is also approaching a lower high around the $180 mark, which previously acted as resistance during the last failed breakout attempt. Cheds notes that reclaiming this zone would be a significant win for bulls, potentially triggering a sharp continuation toward new highs. Market sentiment is turning optimistic across the board, and Solana’s technical setup reflects that shift. As price approaches the 200DMA, all eyes are on whether SOL can hold this momentum and break through key levels to join the broader market rally. The coming days will be crucial for confirming a full trend reversal.
Solana is showing renewed strength after a clean breakout above the $160 resistance zone, a level that had capped price action for several weeks. The surge has brought SOL into a critical region that could act as a pivot point—either igniting a fresh bullish rally or marking a temporary top before a retrace. As global tensions and broader macroeconomic uncertainties linger, the crypto market remains exposed to sudden sentiment shifts. However, recent price action in Solana, along with Bitcoin and Ethereum, suggests that investors are increasingly optimistic about a continued market recovery.
Solana’s current structure reflects that optimism. The asset is now testing the underside of its daily 200 moving average, a level often viewed by traders as a trend-defining indicator. A successful push above this moving average would add further confidence to the bullish thesis. At the same time, Solana is approaching a lower high near the $180 zone, where the price was previously rejected in March. Cheds points to this convergence as a crucial area: a breakout here could mark the beginning of a larger reversal pattern. Still, risks remain. A rejection at the $180 level could reinforce resistance and trigger a pullback toward the $160 support, especially if macro conditions worsen or profit-taking sets in. For now, however, bulls appear to be in control, and the technical landscape supports a potential continuation—if momentum holds.
Solana (SOL) is exhibiting strong momentum as it trades at $176.41, advancing toward a crucial resistance area around the $180 level. The daily chart shows that SOL has surged rapidly from April lows, breaking above both the 200-day EMA ($161.67) and approaching the 200-day SMA ($181.10), a key area that could determine the next major trend. This zone acted as support and resistance multiple times in the past, particularly during Q4 2024 and early 2025. Now, as price returns to this range, it becomes a potential pivot point. If bulls can sustain pressure and close above $181.10 with volume confirmation, it may trigger a continuation toward $200 and possibly retest February highs above $260. However, failure to break above this range could prompt a rejection and consolidation below the 200 SMA. Volume has picked up significantly over the last few days, indicating rising interest and participation from traders. This is a constructive sign as Solana attempts to reclaim higher ground. For now, the trend remains bullish, but eyes are on the $180–$185 resistance zone to confirm whether SOL has the strength to continue its breakout or faces a short-term pullback.
Ask Aime: What's driving Solana's price surge?
